IREN Contracts Record $4 Billion in ARR as AI Cloud Revenue Skyrockets

IREN is rapidly transforming from Bitcoin mining to AI infrastructure, and its progress is evident in its recent financial results. The company's contracted annualized run-rate revenue has reached $4 billion for its 2026 capacity, with approximately $1 billion of ARR currently operating.

The available 2026 AI capacity is largely sold out, but IREN is already in late-stage discussions with multiple potential customers covering a significant portion of planned capacity for 2027. The company is also securing renewals and expansions with existing customers and spreading its capacity across hyperscalers, enterprises, AI developers, and frontier labs.

IREN's transition to AI infrastructure is reflected in its financial results. Fiscal 2026 AI Cloud Services revenue increased nearly eightfold to $128.8 million from $16.4 million, while Bitcoin Mining revenue rose to $578.2 million from $484.6 million.